From the following facts, calculate the correct cost of inventory for Ann Company. Cost of inventory
Question:
From the following facts, calculate the correct cost of inventory for Ann Company.
• Cost of inventory on shelf, $4,700, which includes $270 of goods received on consignment.
• Goods in transit en route to Ann Company shipped F.O.B. shipping point, $22,800.
• Goods in transit en route to Ann shipped F.O.B. destination, $475.
• Ann Company has $600 worth of goods on consignment in Alice’s Dress Shop.
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Related Book For 
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
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